OakNorth is a fully regulated digital bank that provides fast, flexible financing for high‑growth UK SMEs, offering loans from £1 million to multi‑digit amounts using data‑driven underwriting that evaluates forward‑looking business metrics. It also offers a range of high‑yield, FSCS‑protected personal savings accounts and a seamless online banking platform with multi‑entity account management and dedicated business partners.
Funding
Funding not disclosed
Founders
Product
Problem
Traditional banks often impose lengthy approval times, rigid loan structures, and limited digital services, making it difficult for fast‑growing UK businesses to obtain timely financing and manage multiple entities efficiently. At the same time, individual savers have few options for high‑yield, FSCS‑protected accounts that also support the broader economy.
Solution
OakNorth operates as a fully regulated digital bank that offers fast, flexible business financing ranging from £1 million to multi‑digit sums, tailored to the specific cash‑flow and growth needs of high‑growth SMEs. Its intelligent underwriting platform evaluates forward‑looking business data rather than relying solely on historic financials, enabling loan decisions within weeks and providing bespoke facilities such as revolving credit, acquisition finance, and property‑development funding. In parallel, OakNorth delivers a suite of personal savings products—including easy‑access, fixed‑term, and notice‑tracker accounts—with competitive AERs up to 4.55% and FSCS protection up to £120,000. All services are accessed through a single, secure online portal and mobile app, offering one‑login multi‑entity account management, real‑time payments, and dedicated business partners to support ongoing growth.
Target Audience
Primary customers are UK‑based small and medium‑size enterprises with annual turnover above £1 million (or £50 k deposits) seeking rapid, customized financing, as well as individual savers looking for high‑yield, protected savings accounts.
Features
- Digital loan underwriting that incorporates forward‑looking business metrics, delivering decisions in weeks rather than months
- Bespoke financing structures (revolving credit, acquisition, property‑development, sector‑specific facilities) with flexible repayment terms
- Business current accounts with multi‑company support, single login, free account opening, and configurable user permissions
- Competitive personal savings accounts (Easy Access, Fixed Term, Notice Tracker) with AERs up to 4.55% and FSCS protection
- Integrated online and mobile banking platform for instant transfers, open‑banking payments, and real‑time balance visibility
- Dedicated Business Partner for each client, providing direct access to credit decision‑makers and ongoing advisory support
- Full UK regulatory compliance (FCA, PRA) and robust fraud detection and encryption safeguards